ZRO price gains 14% to break above key hurdle, defy broader dump – Crypto News – Crypto News
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ZRO price gains 14% to break above key hurdle, defy broader dump – Crypto News

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10 months ago

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  • ZRO price pops 14% as LayerZero sees a 66% spike in trading volume.
  • The LayerZero Foundation has recently repurchased 50 million ZRO tokens, equivalent to 5% of the total supply.
  • Bulls could target a breakout to $3.25 and then highs above $5 if sentiment holds.

The LayerZero (ZRO) token is among the altcoins to defy the broader crypto dump today, with ZRO price up 14% in the past 24 hours.

Gains for LayerZero come as Bitcoin drops below $110,000 and Ethereum under $4,000.

But like some altcoins across the market, ZRO is seeing an uptick and has broken above the critical resistance zone near $2.20.

LayerZero price jumps 14% — why is ZRO up today?

While most altcoins hit downside action, ZRO is surging amid two notable network milestones.

Potentially, one is the announcement by the LayerZero Foundation of a major token buyback program.

The move triggered an immediate surge in ZRO’s price, with the altcoin climbing from lows of $1.83 to reach highs of $2.24.

A dip to retest the support area at $2.00 has nonetheless seen bulls break the key hurdle at $2.25 to hit highs of $2.33.

ZRO’s uptick aligned with the 50 million token buyback, with about $150 million ploughed back into the market for the tokens.

Traders reacted positively after the 25 million ZRO token unlock event earlier, with the buyback and market reaction helping to offset sell-off pressure.

Crucially, the repurchase has tightened supply and could provide more fuel for bulls.

LayerZero’s recent acquisition of the Stargate cross-chain bridge is another catalyst for ZRO price.

The Stargate integration, approved by the DAO with 94.7% support, came at a crucial time for LayerZero.

Plasma, the platform for global money movement, has unveiled its mainnet.

LayerZero is a key player in the ecosystem, able to bridge liquidity to Plasma via Stargate.

ZRO price has jumped amid these integrations.

What’s next for the ZRO price?

As the LayerZero price rose, trading volume spiked 66% to $173 million in the past 24 hours.

This suggests bulls are buying at current levels, and ZRO’s market value could benefit further.

ZRO price chart by TradingView

The ZRO price outlook also shows bulls are looking to ride a technical breakout.

On the daily chart, the price has broken above a descending triangle pattern’s resistance line.

Notably, technical indicators such as the daily RSI and MACD are flashing bullish signals for ZRO.

Successful retest and breakout from the trendline of a prolonged consolidation phase level will allow buyers to target $3.25 and higher.

Bulls are currently 53% up on the all-time low of $1.50 reached in March.

Meanwhile, the all-time high that counts as a short-term target sits about 70% off current prices at $7.53.

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